MI HB4173

Allows sellers or buyers who paid the tax to request refunds from the Department of Treasury if property was eligible for an exemption under section 6 at the time of transfer, retroactively applying to sales 4 years before the amendment's effective date.

Adds new exemption for property conveyed for which an exemption is claimed under section 7cc of the General Property Tax Act if the state equalized valuation equals or is less than the valuation on the date of purchase/acquisition and the transaction was at an arms-length price, retroactively applying to transfers on or after June 24, 2011.

Permits refund requests for the section 7cc exemption in the same form and manner as other exemption-based refunds, allowing sellers or buyers who paid tax to apply retroactively.

Maintains existing real estate transfer tax on contracts for sale, exchanges, deeds of conveyance, and transfers of controlling interests in entities where real property comprises 90% or more of asset value, with seller/grantor liability.

Effective immediately upon Governor approval on December 15, 2015.